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The Fundamental Flaw of 'Mainstream Economics'

- Hugo Salinas Price - Plata.com

While your argument may be sound, you have missed, or left out, something even deeper. The flawed premise upon which all Modern Economics is based, that premise being that central planning is preferable to individual choice.
You talk about economics being the study of individual human choice/action, but then fall into the collectivist trap by accepting that these institutions should even exist, i.e. the Fed, ECB, etc.... Central control of money, whether public or private, is the root of the problem. An individual or group of individuals acting as a corporation will, in the long run, always protect themselves and act in their own self interest. If we accept that basic premise, then it becomes obvious that giving control of the money supply to ANY individual or group will eventually lead to what we have now in the economy at large.

It is an elitist attitude that is common among highly educated people, that they are smarter than most everybody else. And on an individual basis, mostly true, however, it is false in general, and just plain wrong on moral grounds. No one person is smarter than everybody else combined, and it is morally wrong for an individual, or even a majority of individuals, to impose their will on others.

Commented 3102 days ago

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Beginning of the headline :Francis Bacon, an Englishman, was born in 1561 and died in 1626. Bacon's thinking had a profound influence upon the development of Western civilization, because he founded what is known as the scientific method. All the scientific advances of mankind up to the present day, are based on this method, which is - in a few words - orderly experimentation upon things of the natural (physical) world in order to arrive at a truth. He was the first to outline the bases of the methodology to discover phys... Read More

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